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The European Union (EU) has recently adopted gender quotas for corporate boards (CBQ), anticipating ripple effects on women’s careers in the companies concerned, as well as throughout the economy. The purpose of this paper is to investigate whether CBQ has spurred ripple effects and discuss mechanisms hindering or facilitating women’s occupancy of top executive positions.

Norway was the first country in the world to introduce CBQ in 2003, with full effect from 2008. The policy requires company boards to be composed of 40% of each gender. Drawing on original data mapping boards and executive committees in Norway’s 200 largest companies, the authors analyze the association between CBQ and the gender composition of executive management almost 15 years after the full implementation. The data include both companies covered by the CBQ and large companies not covered.

The investigation does not find a positive association between CBQ and more women in executive positions. Thus, the ripple effect hypothesis of CBQ is not supported. CBQ may have contributed to an increased awareness of gender imbalances, yet these findings indicate that to achieve more gender balance in executive positions, scholars and practitioners may need to focus more on gendered conditions and processes in organizations and society throughout executive careers than on the gender composition of boards.

This paper provides empirical analyses of original data 15 years after the implementation of CBQ. The authors further contribute to scholarly debate by identifying and discussing possible mechanisms that explain how requiring more women on corporate boards may – or may not – have ripple effects on executive management.

This study aims to analyze the connection between institutional isomorphic pressures and both women serving on boards and women’s influence on boards within large American firms.

This study examines a longitudinal panel data set of all Standard and Poor’s (S&P) 500 organizations across a seven-year period from 2009 to 2015.

The analyses affirm that institutional isomorphic pressures impact the prevalence and influence of women on boards. Evidence suggests that coercive and normative pressures strongly impact the number of women serving as corporate directors, whereas the power of women directors is linked only to mimetic pressures.

The research suggests that to increase the number of women serving as directors, the industry must first increase the overall number of women serving in senior management roles. Once women directors gain a critical mass of three women on the board, the association with the total number of women directors, the number of boards upon which they concurrently serve, the power of women directors being selected to board leadership and the influence of women directors increase.

This paper extends existing board diversity work by examining institutional pressures at the international, national and firm levels. By examining the relationship between coercive, normative and mimetic pressures on both the prevalence of women on boards and the influence of women on boards, the authors illuminate certain mechanisms that shape the likelihood of board appointment and placement in more powerful positions.

For almost half a century, society has been aware of the existence of a glass ceiling, a term that describes the invisible barriers that hinder women’s access to power positions despite having equal or greater qualifications, skills and merits than their male counterparts. Nowadays, although there are signs of slow progress, women are still underrepresented in the upper echelons of large corporations and the risk of reversing the progress made in gender parity has increased because of the effects of the COVID-19 pandemic. This paper contributes to previous literature by analysing the impact that the uncertainty and cognitive effects associated with COVID-19 in 2020 had on the presence of women on the board of directors and whether this impact has been moderated by the regulatory and policy system on gender quotas in place at the time.

To test the authors' research hypotheses, the authors selected the major global companies worldwide with economic-financial and non-financial information available in the Thomson Reuters EIKON database over the 2015–2020 period. As a result, the authors' final sample is made up of 1,761 companies from 52 countries with different institutional settings that constitute an unbalanced data panel of 8,963 observations. The nature of the dependent variables requires the use of logistic regressions. The models incorporate the terms to control for any unobservable heterogeneity and the error term. Any endogeneity issues were addressed by considering the explanatory variables with a time lag.

The authors find that almost 30% of the companies downsized their boards in 2020. This decision resulted in more female than male directors being made redundant, causing a reversal in the fulfilment of gender quotas focussed on ensuring balanced boards with a female presence of 40% or more. This effect was enhanced in countries with hard-law regulation because the penalty for non-compliance with gender quotas had led to a significant increase in the size of these bodies in previous years through the inclusion of the required number of female directors. In contrast, the reduction in board size in soft-law countries does not differ from that in laissez-faire countries, lacking any moderating effect or impact on the number of female board members dismissed as a result of the pandemic.

This paper aims to contribute to current knowledge by analysing the impact that the countries' regulatory and normative systems on gender parity on boards of directors have had on the decisions made in relation to leadership positions, moderating the effects of the COVID-19 pandemic on gender equality at a global level.

This paper aims to examine the impact of board gender diversity (BOGD) following the adoption of gender quota legislation on earnings management (EM) in an emerging market, Egypt, whose cultural and economic conditions and institutional context are unlike most previously studied countries’ context.

The authors use ordinary least squares (OLS) regression to estimate the impact of gender quota legislation on EM using data from listed companies in Egypt from 2015 to 2022. Difference-in-difference (DID) approach estimation was used to validate the robustness of the main results.

This paper documents that gender diversity on boards has a significantly negative impact on EM. In addition, this paper provides robust evidence using the DID approach to show that BOGD is significantly negatively linked with EM for the period following gender quota legislation. Furthermore, the results support the critical mass and agency theories.

The findings of this study have important implications for Egyptian companies, regulatory bodies and investors in emerging markets. Specifically, these results suggest that when choosing board members, enterprises should pay particular attention to BOGD, and female involvement in all listed firms should be monitored by regulators.

This paper provides evidence supporting the positive contribution of women in society by enhancing the economic performance of Egyptian firms and promoting the country’s sustainable development strategy in light of Egypt vision 2030.

As per the authors' knowledge, this empirical study is unique in investigating the impact of BOGD quota regulation on EM in Egypt. This paper contributes to BOGD as a major factor in improving financial reporting quality in Egyptian companies.

This paper aims to examine the impact of female AC representation (ACFEMALE) following the adoption of gender quota legislation on the trade-off between accrual-based (AEM) and real earnings management (REM), taking into consideration their demographic attributes.

A sample of 89 companies listed in the SBF 120 during the period 2012–2018 has been employed. The authors have obtained the explanatory variables using the principal component analysis method. To provide empirical evidence for the testable hypotheses, the authors have estimated a least squares regression. A differences-in-differences analysis has been estimated to analyze the impact of the gender quota law imposition.

The regression results indicate that companies with a higher proportion of ACFEMALE have more tendency to use REM rather than AEM. The authors further denote that the ACFEMALE expertise negatively affects AEM. Moreover, the authors find that the ACFEMALE experience helps reduce both AEM and REM. Results from the DID analysis exhibit that the ACFEMALE effect on the trade-off between REM and AEM occurs for the period that follows the implementation of the French gender quota law. Furthermore, the authors denote that the negative link between the ACFEMALE experience and AEM and REM dissipates for both the pre- and the postgender quota law adoption.

This study extends the prior existing research by examining, for the first time, the relationship between female directors’ appointments and the trade-off between accrual-based and REM. As well as, the research provides primary evidence on the channels through which female directors may affect the managerial preference regarding the earnings management techniques AEM or REM.

Given the relevance of female directors in the governance of any firm, this paper aims to examine their effect on firms’ financial performance by investigating their general impact and segregating the same into different subgroups based on Kanter’s theory.

To achieve the purpose, this study selects a sample of the top 100 listed Indian firms for the period of 2014–2018 and gathers the data pertaining to the variables under consideration from the respective firms’ annual report and corporate database Capitaline Plus. For undertaking the investigation, the authors have segregated the sample into three groups, i.e. firms with boards having less than 10% of female directors are called skewed boards; firms with boards having female directors that range from 10% to 20% are called as tilted board; and firms with boards having sizable representation of female directors of above 20%. To examine the performance impact of overall female directors and their different subgroups, the authors have used a generalized estimating equation model. For the robustness test, the authors have used the fixed-effect model.

The authors find a significant positive impact of the overall percentage of female directors on the financial performance of firms. Additionally, the results indicate that boards with a titled group of female directors and boards with a sizable representation of female directors significantly positively impact firms’ performance. However, the authors fail to extricate any significant performance impact of boards with a skewed group of female directors.

First, the study reveals that despite prevailing nepotism in India, female directors, owing to their core characteristics, can create a favorable perception of firms in the market. Second, it also works as an eye-opener for regulators by revealing the minimum threshold for female directors that a board should have to exploit the benefits of a gender quota rather than mere compliance with the requirements of the Companies Act, 2013. Third, it implies that more gender-diverse boards can improve a firm’s financial performance only if female directors range between the thresholds of 10% to 20%. Finally, the finding is significant for changing the business culture in India, where institutions are traditionally less supportive of women than in other emerging countries.

Departing from existing studies, which provide evidence on the performance impact of the overall percentage of female directors, the study unveils the differential impact of female directors on firms’ financial performance depending on their level of representation on the board. To the best of the authors’ knowledge, this is the first study in the context of an emerging market to test Kanter’s theory.

This study aims to investigate whether the presence of women in the boardroom influences companies’ environmental, social and governance (ESG) performance. Furthermore, it examines whether the COVID-19 pandemic and family control affect the relationship.

This study uses nonfinancial firms listed on the Indonesia and Malaysia Stock Exchange during 2018-2021. Thomson Reuters’ database is used to collect the ESG scores. Using 312 firm-year observations, the authors apply multiple regressions and sensitivity testing to ensure the robustness of the results.

This study provides empirical evidence that the presence of women in the boardroom improves companies’ ESG and family control weakens the relationship. Meanwhile, there is no support on the moderating effect of the COVID-19 pandemic. The authors also conducted additional tests using ESG pillars (i.e. environment, social and governance pillars) as the dependent variable. The findings are robust to alternative samplings.

This research is limited to Indonesia and Malaysia, thus affecting the generalizability of the results to all developing countries. The sample size is relatively small due to data limitations related to the availability of ESG scores.

The findings of this study provide a basis for the government to establish mandatory regulations regarding sustainability performance. The positive relationship between women on boards and better ESG performance suggests that encouraging gender diversity in corporate leadership can improve sustainability practices. The government may consider implementing gender quota regulations to increase women's representation on corporate boards.

Shareholders can pursue investment portfolios in socially responsible companies, prioritizing ESG performance. In addition, investors should consider the presence of women in the company’s boardroom and whether family control exists when making investment decisions.

Overall, the originality and significance of this research lie in its comprehensive examination of the moderating factors, the inclusion of different governance systems in the sample, and the exploration of psychological aspects, contributing to a deeper and more nuanced understanding of the relationship between women on boards and ESG performance in the context of developing countries.

This paper aims to examine how the diversity of educational levels within bank boards influences the efficiency and stability of banks operating in the Middle East and North Africa (MENA) region. Unlike previous studies, this analysis also investigates the role of board gender diversity in moderating the relationship between board educational level diversity and bank efficiency and financial stability in MENA.

In this study, a sample of 77 banks in the MENA region spanning the years 2011 to 2018 is used. The relationship between the presence of highly educated directors on the board, bank efficiency and stability is assessed using the ordinary least squares method. Additionally, the authors use the Generalized Method of Moments technique to correct endogeneity problem.

This study establishes a positive association between the presence of directors with advanced educational backgrounds on bank boards and bank efficiency and stability. Furthermore, the inclusion of women on the board strengthens this relationship.

These findings have important implications for policymakers and regulators in the MENA region, suggesting that promoting diversity policies that encourage the participation of highly educated directors on bank boards can contribute to enhanced efficiency and financial stability. Policymakers may also consider implementing quotas or guidelines to improve gender diversity in board appointments, thereby fostering bank performance in the region.

This study stands out for its innovation and distinctiveness, as it delves into the connection between board educational level diversity and bank efficiency in the MENA region. Notably, it surpasses previous research by investigating the moderating role of board gender diversity, thus offering valuable insights into the complex interplay between these two facets of board diversity. This contribution enriches the existing literature by providing novel perspectives on board composition dynamics and its influence on bank efficiency and stability.

This study aims to examine the mediating effects of corporate governance mechanisms like the board of directors on the association between disruptive technology adoption by audit clients and the risk of material misstatements, including inherent risk and control risk. In particular, the authors study the mediating effects of board characteristics such as board size, independence and gender diversity.

Based on a sample of 100 audit clients listed on the FTSE 100 from 2015 to 2021, this study uses structural equation modelling to test the research objectives.

The findings indicate a significant and negative association between disruptive technology adoption by audit clients and inherent risk. However, there is no significant evidence observed for control risk. The utilisation of disruptive technology by the audit client has a significant impact on the board characteristics, resulting in an increase in board size, greater independence and gender diversity. The authors also find strong evidence that board independence mediates the association between disruptive technology usage and both inherent risk and control risk. In addition, board size and gender exhibit distinct and differential mediating effects on the association and across the two types of risks.

The study reveals that the significant role of using disruptive technology by audit clients in reducing the risk of material misstatements is closely associated with the board of directors, which makes audit clients place greater emphasis on the construction of effective corporate governance.

This study offers essential primary evidence that can assist policymakers and standard setters in formulating guidance and recommendations for board size, independence and gender quotas, ensuring the enhancement of effective governance and supporting the future of audit within the next generation of digital services.

With respect to relevant stakeholders, it is imperative for audit clients to recognise that corporate governance represents a fundamental means of addressing the ramifications of applying disruptive technology, particularly as they pertain to inherent and control risks within the audit client.

This study contributes to the existing literature by investigating the joint impact of corporate governance and the utilisation of disruptive technology by audit clients on inherent risk and control risk, which has not been investigated by previous research.

In recent years, the field of financial technology (Fintech) has garnered significant attention due to advancements in technology, evolving consumer preferences and the growing need for financial services that are more accessible and user-friendly. The exponential expansion of Fintech is presenting novel prospects and obstacles for business. This study aims to investigate the relationship between gender diversity on corporate boards and firms’ performance, with a particular focus on the moderating role of Fintech.

The study sample consisted of financial sector firms listed on the Bahrain Bourse (banks and insurance firms) during the period 2016–2022. The data were gathered primarily from annual reports and the Bahrain Bourse website. The independent variable represents the percentage of female directors on corporate boards while firms’ accounting and market-based performance were measured using return on assets and Tobin’s Q variables. The moderating variable, Fintech, was measured using a checklist developed using the Global Fintech Adoption Index. Fixed effect (FE) regression was used to analyze the study data. An alternative gender diversity measure was used to test the reliability of the main regression analysis.

The results of the study indicate a positive relationship between gender diversity on corporate boards and financial performance. Additionally, the findings of the study highlighted the positive impact of Fintech practices on firms’ performance. Nevertheless, the impact of Fintech on the relationship between board gender diversity and corporate performance was found to be insignificant.

The study sample included a particular sector in a single country, which may limit the generalizability of the findings. Also, the current study applied FE regression to analyze the data; however, other econometric approaches could be used to overcome the endogeneity issue.

The findings of this study may have implications for policymakers and society, particularly in terms of promoting gender diversity and Fintech innovation.

This study contributes to the existing body of research by examining the potential impact of the percentage of female directors and the utilization of Fintech on firms’ performance in Bahrain. Given the ongoing endeavors to provide advanced Fintech solutions in the financial sector and the increasing focus on enhancing gender diversity in Bahraini corporate boards, this research aims to provide additional evidence in this domain. Moreover, this study stands out as one of the limited number of research endeavors that use Fintech as a moderating variable in the investigation of the impact of female directors on firms’ performance.